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2021 (8) TMI 1163 - AT - Income TaxRevision u/s 263 - inadequate or improper enquiry by the AO - cash deposited in a particular Bank - HELD THAT:- AO has examined and verified the IndusInd Bank Account during the assessment stage, thus we note that, Ld. Pr. C.I.T. by invoking his jurisdiction u/s 263 of the Act, is giving another opportunity to the assessing officer to examine it again, which is not permissible. In the case of Ranka Jewellers [2010 (3) TMI 544 - BOMBAY HIGH COURT] relying on the decisions of Hon’ble Supreme Court in the cases of Malabar Industrial Co. Ltd. vs. CIT [2000 (2) TMI 10 - SUPREME COURT] and CIT vs. Max India Ltd. [2007 (11) TMI 12 - SUPREME COURT] has held that once the issue was considered by the A.O., the remedy of the revenue could not lie in invoking of the jurisdiction u/s 263 of the Act Therefore, the order of the Ld. C.I.T. was definitely outside the purview of section 263 of the Act. As noted above, the exercise aimed at ascertaining the correct income of the assessee has been fulfilled by the Ld. A.O. by exercising his quasi-judicial functions vis-a-vis passing the assessment order u/s 143(3) of the Act. Therefore, certainly it is not a case wherein adequate enquiries at the assessment stage were not carried out or assessment was made in haste. However, what is an opinion formed as a result of these enquiries and verification of the materials is something which is in exclusive domain of the Assessing Officer, and even if Ld. Pr. Commissioner does not agree with the results of such enquiries, the resultant order cannot be subjected to revision proceedings. - Decided in favour of assessee.
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